Drilling Waste Management Market Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2024

Rising expenditure for oil production across the world to meet the soaring energy demand and tightening government regulations with respect to the management of drilling waste to avoid its hazardous environmental impact are the major trends identified in the drilling waste management market. Furthermore, significant increase in the exploration of proven gas reserves in Russia, Turkey, and the U.S. is strengthening the market.

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Drilling waste management is a practice of collecting, transporting, processing, recycling, disposing, and monitoring drilling fluids and drill cuttings extracted during the exploration of oil and gas in order to avoid their harmful effects on health and on the environment at large. Over the past years, the industry has demonstrated extensive growth on account of the rise in the spending of oil and gas companies on waste management complemented by stringent government regulations.

Geographically, the drilling waste management market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and the Middle East and Africa (MEA). North America and the MEA are among the largest revenue generators in the market, owing to the presence of a large number of proven oil and gas reserves in countries such as the U.S., Canada, Saudi Arabia, and Qatar. Furthermore, rising investments by oil and gas E&P companies in North America to meet the soaring energy demand globally is expected to strengthen the drilling waste management industry in the region.

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The growth of the drilling waste management market is primarily driven by the increasing expenditure of oil and gas companies for the management of drilling waste on account of its rising hazardous environmental effects. Keeping an eye on the harmful effects of the drilling waste, governments of various countries are imposing strict regulations regarding the management of waste generated from drilling activities.

Some of the major players operating in the global drilling waste management market are Baker Hughes, a GE Company, Weatherford International PLC, Schlumberger Limited, Halliburton Company, National Oilwell Varco Inc., Scomi Group Bhd, Hebei GN Solids Control Co. Ltd., Newalta Corporation, Nuverra Environmental Solutions.

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This release was published on openPR.